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SoftBank officially took control of Sprint on Wednesday as the Japanese carrier dropped "Nextel" from the company's name and kept Daniel Hesse on as CEO. As part of its $21.6 billion purchase, SoftBank will pump $5 billion in cash into Sprint to help "strengthen Sprint's balance sheet," with the remaining funds distributed to shareholders in the form of cash and stock.

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T-Mobile US CEO John Legere expressed interest Wednesday in DISH Network Chairman Charlie Ergen's long-held idea of combining DISH's satellite-based wireless spectrum with a terrestrial carrier but denied that he has held talks with Ergen. "I’m intrigued by Charlie’s vision of this integrated capability," Legere said in an interview.

The Federal Communications Commission is said to have officially given its approval without dissent on Wednesday to SoftBank's purchase of Sprint Nextel as well as Sprint's plan to lap up the shares of Clearwire that it does not already own, The Wall Street Journal reports. Such a vote will likely clear the way for Clearwire shareholders to approve the deal Monday as well as speed the closing of SoftBank's $21.6 billion deal to gain majority control of Sprint. The SoftBank deal has already won clearance from antitrust and national-security regulators.

A majority of the Federal Communications Commission have signed off on SoftBank's $21.6 billion acquisition of Sprint Nextel as well as Sprint's bid to take control of wireless service provider Clearwire, according to sources. "This clears a hurdle, so it's almost finalized," said Masamitsu Ohki, a fund manager at Tokyo hedge fund Stats Investment Management. Sprint shareholders approved the SoftBank transaction June 25.

Sprint Nextel shareholders overwhelmingly gave their blessing Tuesday to SoftBank's $21.6 billion offer to take control of the No. 3 U.S. carrier after the Japanese telecom had to submit an eleventh-hour sweetener to ensure its victory over DISH Network. SoftBank, which is expected to close the deal in early July, now will set its sights on completing Sprint's 4G network build-out and making acquisitions to better compete against its rivals, analysts said. "SoftBank can focus on building a better wireless-data network that is needed to compete with AT&T and Verizon," said BTIG analyst Walt Piecyk.

SoftBank upped its bid for Sprint Nextel by $1.5 billion to $21.6 billion, giving DISH Network until June 18 to make its "best and final offer," Sprint said. SoftBank's new offer would give the Japanese carrier 78% control of Sprint and put an additional $4.5 billion into the hands of investors -- meaning less cash for Sprint to invest in its 4G network. While Sprint put off its scheduled Wednesday vote on SoftBank's initial offer, Clearwire shareholders were still on track to vote Thursday on Sprint's buyout proposal, although some on Wall Street said Clearwire may push back the decision a third time to consider DISH's bid.